Govt allows JVs to relocate Chinese industries to Pakistan

Building on recent engagements between Pakistan and China, Prime Minister Shehbaz Sharif on Wednesday gave the greenlight to relocate Chinese industries to Pakistan as part of joint ventures between the two countries’ companies.

Chairing a meeting to discuss matters of the Board of Investment (BoI), the prime minister said that promoting both local and foreign investment in Pakistan was among the government’s priorities.

Shehbaz said the government was taking all possible steps to create a business-friendly environment for traders and investors.

The prime minister directed the authorities concerned to submit a comprehensive report on the follow up of memorandums of understanding (MoUs) signed between Pakistani and Chinese companies in Shenzhen during his recent visit to China.

He also instructed a review of the draft law for Special Economic Zones One Stop Shop in light of developments following his visit to China.

The premier emphasised that there was significant potential to relocated China’s textile, leather, footwear and other industries to Pakistan.

He noted during the meeting that steps were being taken to facilitate the relocation.

It was revealed in the meeting that the services of Chinese experts were being acquired to establish a Business Facilitation Centre in Islamabad.

Additionally, a draft of the ‘Easy Business Act’ was being sent to the Cabinet Committee for Legislative Cases.